PST and GST set to be harmonized !

[S and B]

Realistically speaking...it's unlikely that this will affect closings in the next few months right? I.e. I have a June closing -- should I be worried?

I mean...it is the government we are talking about here...and we all know that things take time to happen when the Gov is involved...

[DRC]

I did have an original closing of June, now delayed max 120 days but I am hoping will be compete sooner.

This had better NOT affect me or I will be ultra pissed as will the hundreds of others would have also been delayed. The builders will receive A LOT of heat and people will be forced to walk away because the already inflated prices will no longer be affordable.

[saw_mui]

I am talking about the offical closing date so if you were delayed til Oct rather than the original of June - the Oct date is the only i'm talking about. The June date would have been scrapped.

Please note: i am not a lawyer or whatever, it is best to see the result tomorrow and discuss this with your lawyer on how this will affect you.

[philo]

for some reason, i dont think it will apply to people who have already signed their papers.

if it does, then everyone would have to re-sign the papers and possibly ask for more $$$ in financing.

In some cases, that extra 25k could be a showstopper...(person can't qualify for more money)...the only thing the person could do it backout...

[K'n'P]

Now I am hoping my house is delivered on time. If I end up having to pay this, I'm gonna be super pissed!!!

I already wrote my MP to state my opposition to this, and ask what our options are other than to not vote in Dalton McGuinty back into power when provincial elections come around again.

[Praline]

for some reason, i dont think it will apply to people who have already signed their papers.

I'm hoping! A logical person would assume...however the logic of this proposal escapes me in the current context! In a case like mine, where I sold my house to purchase a new one, you could find yourself homeless for some time if you can't afford the added tax. it just doesn't make any sense. Signed papers must be grandfathered. Better yet, new homes remain excluded!

[WilWong]

double post, could a moderator delete or merge to the other thread?

[DRC]

Originally Posted by philo

for some reason, i dont think it will apply to people who have already signed their papers.

if it does, then everyone would have to re-sign the papers and possibly ask for more $$$ in financing.

In some cases, that extra 25k could be a showstopper...(person can't qualify for more money)...the only thing the person could do it backout...

Exactly!! If we are forced to re-sign because of the added tax and people cannot afford the refinancing then what will the builder do? Can buyers back-out at this point and receive all deposit money back? This would just be a huge mess for many!

[Mark & Lynda]

Originally Posted by saw_mui

I think it all depends on the CLOSING date, the date in which the contract was fufilled and that you have paid the builder.

Its the same as energy costs...you weren't charged the old GST when it reduced..rather it was when the bill was issued.

I agree. It depends on the closing date because that's the date the builder gets their money.

That would mean a lot of affected buyers if the new tax is implemented this year.

[wannabeon]

I can't find much information on this. It hasn't been tabled nor has it been discussed in the legislature to my knowledge. Where is everyone getting the info to base the argument? I'm asking, not arguing. I just can't find any clear info on this issue.